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<br />. <br /> <br />. <br /> <br />. <br /> <br />3. PUBLIC HEARING <br /> <br />A. <br /> <br />JOINT PUBLIC HEARING REGARDING 'lliE OWNER PARTICIPATION <br />AGREEMENT WIlli SYCAMORE RETIREMENT APARTMENTS, LTD. <br />AND MERCURY SAVINGS AND LOAN ASSOCIATION <br /> <br />Recommendation: <br /> <br />1. <br /> <br />Adopt Resolution 86-58: A RESOLUTION OF 'lliE <br />COMMUNITY REDEVELOPMENT AGENCY OF 'lliE CITY <br />OF SANTA ANA APPROVING AN OWNER <br />PARTICIPATION AGREEMENT BETWEEN 'lliE AGENCY <br />AND SYCAMORE RETIREMENT APARTMENTS, LTD. AND <br />MERCURY SAVINGS AND LOAN ASSOCIATION; <br /> <br />2. <br /> <br />Approve the conceptual development plans <br />proposed by Sycamore Retirement Apartments, <br />Ltd.; <br /> <br />Approve the project budget and authorize its <br />implementation by the Redevelopment <br />Commission. <br /> <br />3. <br /> <br />Council Recommendation: Adopt a RESOLUTION OF <br />'lliE CITY COUNCIL OF 'lliE CITY OF SANTA ANA MAKING <br />CERTAIN FINDINGS WIlli RESPECT TO 'lliE <br />CONSIDERATION TO BE RECEIVED BY 'lliE C<M4UNITY <br />REDEVELOPMENT AGENCY OF 'lliE CITY OF SANTA ANA <br />PURSUANT TO AN OWNER PARTICIPATION AGREEMENT <br />BEIWEEN 'lliE C<JM.1UNITY REDEVELOPMENT AGENCY OF 'lliE <br />CITY OF SANTA ANA AND SYCAMORE RETIREMENT <br />APARTMENTS, LTD. AND MERCURY SAVINGS AND LOAN <br />ASSOCIATION FOR 'lliE SALE OF SAID REAL PROPERTY <br />UPON 'lliE TERMS AND CONDITIONS CONTAINED IN WAT <br />AGREEMENT . <br /> <br />Commission Recommendation: Recommend that the <br />Redevelopment Agency: <br /> <br />1. <br /> <br />Approve an Owner Participation Agreement <br />with Sycamore Retirement Apartments, Ltd. <br />and Mercury Savings and Loan Association. <br /> <br />2. <br /> <br />Approve the conceptual development plans <br />proposed by the developer for the site. <br /> <br />3. <br /> <br />Approve the project budget and authorize its <br />implementation by the Redevelopment <br />Commission. <br /> <br />-2- <br />